Regardless, Trump invoked both Hamilton and Lincoln, starting at about the 10:30 mark, during a speech yesterday. He quotes Lincoln saying, “The abandonment of the protective policy by the American government will produce want and ruin among our people.”

Like all protectionists, Trump seems to have no idea about the concept of opportunity cost. He posits that tariffs on foreign imports will bring back manufacturing jobs, which he says “the nation” desperately needs. But it never occurs to him that when millions of Americans buy sneakers made in China for $100 instead of sneakers made in America for $200.00, they create other jobs with the $100 they save.

Trump’s speech confirms several of the arguments I make in my latest book. One can draw a virtually straight line from the Federalists, through the Whigs, to the Republicans. Obviously, there are nuances over such a long period, but the core tenets of protectionism, crony capitalism and central banking never cease to be the foundation this house is built on.

More importantly, these are the core tenets of true conservatism in the British-American tradition, since before the dawn of the industrial revolution. You can call Trump a lot of things, but “not a real conservative” just doesn’t hold water. Free markets, individual liberty and limited government are classical liberal ideas that have only resided within the conservative movement recently and have never been very welcome. That’s because they are all anathema to the conservative worldview that any change, from within or without, threatens to break the barriers between society and man’s dark nature.

The creative destruction of the market, the free movement of labor, capital and goods, and Jefferson’s libertarian principle that the government should be limited to “restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement” is the opposite of conservatism. That’s why Hamilton feared and loathed Jefferson; that’s why Trump fears and loathes the free market. He’s a true conservative, like Hamilton, Lincoln, Coolidge, Hoover and the rest.